NEC Building

Texas office buildingThe NEC Building is a 526,000 square foot Class A+ office building in Las Colinas, Texas. The property serves as the U.S. headquarters for NEC Corporation, the global Fortune 500 Japanese technology company. NEC leases the entire property on a triple-net basis and subleases a portion of the building to AAA, the automotive association and insurer. Fortis initially provided mezzanine acquisition financing for this property in October of 2005. In June of 2006, half of the mezzanine debt was repaid and Fortis converted the other half into equity.